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2mo ago

Chevron and Exxon Report Mixed Q4 Results with Divergent Trends in Production and Refining

Chevron outperformed revenue expectations but missed profit estimates, while Exxon posted higher-than-expected profits driven by record production levels.

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(FILES) In this file photo taken on June 02, 2015 a picture shows the logo of US oil giant Chevron during the World Gas Conference exhibition in Paris. - Canada's Supreme Court on April 4, 2019, declined to hear an appeal from a group of Ecuadoran villagers seeking compensation from the Canadian subsidiary of US energy giant Chevron over oil pollution in the Amazon jungle. The indigenous villagers from central Ecuador want the company to pay for pollution of native lands between 1964 and 1992 by Texaco, a US oil subsidiary the firm bought in 2001. The decision, for which the court did not offer a reason, puts an end to the group's attempt to sue Chevron Canada Limited for $9.5 billion in compensation. (Photo by Eric PIERMONT / AFP)ERIC PIERMONT/AFP/Getty Images

Overview

  • Chevron's Q4 revenue reached $52.23 billion, significantly exceeding analyst estimates, but its adjusted earnings per share of $2.06 fell short of the $2.11 forecast.
  • Chevron's refining segment posted its first quarterly loss since 2020, driven by weak margins and declining U.S. fuel sales, while production remained steady at 3.35 million barrels of oil equivalent per day.
  • Exxon Mobil reported Q4 profits of $7.39 billion, or $1.67 per share, surpassing expectations of $1.56 per share despite lower refining margins and revenue of $83.43 billion, which missed forecasts.
  • Exxon achieved record production levels in the Permian Basin and Guyana, contributing to its strong performance, and highlighted plans to generate 60% of its output from these regions and LNG by 2030.
  • Both companies emphasized shareholder returns, with Exxon distributing $36 billion in 2024 through dividends and buybacks, and Chevron maintaining its $10 billion to $20 billion annual buyback program.